Intrinsic value of Ashford Hospitality Prime - AHP

Previous Close

$9.77

  Intrinsic Value

$4.27

stock screener

  Rating & Target

str. sell

-56%

Previous close

$9.77

 
Intrinsic value

$4.27

 
Up/down potential

-56%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as AHP.

We calculate the intrinsic value of AHP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.00
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  406
  421
  436
  453
  471
  490
  511
  533
  556
  580
  606
  633
  662
  693
  725
  759
  795
  832
  872
  914
  958
  1,004
  1,053
  1,104
  1,158
  1,214
  1,274
  1,336
  1,402
  1,471
  1,544
Variable operating expenses, $m
 
  366
  379
  394
  410
  426
  444
  463
  483
  504
  527
  550
  576
  602
  630
  659
  691
  723
  758
  794
  832
  872
  915
  959
  1,006
  1,055
  1,107
  1,161
  1,218
  1,278
  1,341
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  361
  366
  379
  394
  410
  426
  444
  463
  483
  504
  527
  550
  576
  602
  630
  659
  691
  723
  758
  794
  832
  872
  915
  959
  1,006
  1,055
  1,107
  1,161
  1,218
  1,278
  1,341
Operating income, $m
  45
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  132
  138
  145
  152
  159
  167
  175
  184
  193
  202
EBITDA, $m
  91
  103
  107
  111
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  270
  283
  297
  311
  326
  342
  359
  377
Interest expense (income), $m
  38
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  92
  97
  102
  107
  113
  119
  125
  131
  138
  145
Earnings before tax, $m
  26
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  57
Tax expense, $m
  2
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  15
Net income, $m
  19
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,257
  1,172
  1,215
  1,262
  1,313
  1,366
  1,423
  1,484
  1,548
  1,616
  1,688
  1,764
  1,845
  1,930
  2,019
  2,114
  2,214
  2,318
  2,429
  2,545
  2,668
  2,797
  2,932
  3,075
  3,225
  3,382
  3,548
  3,722
  3,905
  4,098
  4,300
Adjusted assets (=assets-cash), $m
  1,130
  1,172
  1,215
  1,262
  1,313
  1,366
  1,423
  1,484
  1,548
  1,616
  1,688
  1,764
  1,845
  1,930
  2,019
  2,114
  2,214
  2,318
  2,429
  2,545
  2,668
  2,797
  2,932
  3,075
  3,225
  3,382
  3,548
  3,722
  3,905
  4,098
  4,300
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  1,076
  1,115
  1,156
  1,201
  1,249
  1,300
  1,354
  1,412
  1,473
  1,538
  1,606
  1,679
  1,755
  1,836
  1,921
  2,011
  2,106
  2,206
  2,311
  2,421
  2,538
  2,661
  2,790
  2,925
  3,068
  3,218
  3,375
  3,541
  3,715
  3,898
  4,091
Working capital, $m
  0
  -132
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -190
  -198
  -207
  -217
  -227
  -238
  -249
  -261
  -273
  -286
  -300
  -314
  -329
  -345
  -362
  -380
  -399
  -418
  -439
  -460
  -483
Total debt, $m
  765
  798
  832
  869
  908
  950
  995
  1,042
  1,092
  1,145
  1,202
  1,261
  1,324
  1,390
  1,460
  1,534
  1,612
  1,694
  1,780
  1,871
  1,967
  2,067
  2,173
  2,284
  2,401
  2,525
  2,654
  2,790
  2,933
  3,083
  3,241
Total liabilities, $m
  882
  915
  949
  986
  1,025
  1,067
  1,112
  1,159
  1,209
  1,262
  1,319
  1,378
  1,441
  1,507
  1,577
  1,651
  1,729
  1,811
  1,897
  1,988
  2,084
  2,184
  2,290
  2,401
  2,518
  2,642
  2,771
  2,907
  3,050
  3,200
  3,358
Total equity, $m
  375
  257
  266
  276
  287
  299
  312
  325
  339
  354
  370
  386
  404
  423
  442
  463
  485
  508
  532
  557
  584
  612
  642
  673
  706
  741
  777
  815
  855
  897
  942
Total liabilities and equity, $m
  1,257
  1,172
  1,215
  1,262
  1,312
  1,366
  1,424
  1,484
  1,548
  1,616
  1,689
  1,764
  1,845
  1,930
  2,019
  2,114
  2,214
  2,319
  2,429
  2,545
  2,668
  2,796
  2,932
  3,074
  3,224
  3,383
  3,548
  3,722
  3,905
  4,097
  4,300
Debt-to-equity ratio
  2.040
  3.110
  3.130
  3.140
  3.160
  3.180
  3.190
  3.210
  3.220
  3.240
  3.250
  3.260
  3.280
  3.290
  3.300
  3.310
  3.320
  3.340
  3.350
  3.360
  3.370
  3.380
  3.380
  3.390
  3.400
  3.410
  3.420
  3.420
  3.430
  3.440
  3.440
Adjusted equity ratio
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
Depreciation, amort., depletion, $m
  46
  48
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
  131
  138
  144
  151
  159
  167
  175
Funds from operations, $m
  55
  62
  64
  66
  69
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  207
  217
Change in working capital, $m
  -2
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  57
  66
  69
  71
  74
  77
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  125
  130
  136
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
  228
  239
Maintenance CAPEX, $m
  0
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
  -138
  -144
  -151
  -159
  -167
New CAPEX, $m
  -23
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -72
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -116
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
Cash from investing activities, $m
  100
  -85
  -90
  -94
  -99
  -104
  -110
  -116
  -121
  -128
  -135
  -141
  -149
  -156
  -163
  -172
  -181
  -190
  -199
  -210
  -219
  -231
  -243
  -255
  -268
  -281
  -296
  -310
  -325
  -342
  -359
Free cash flow, $m
  157
  -18
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -67
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -120
Issuance/(repayment) of debt, $m
  -73
  33
  34
  37
  39
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  158
Issuance/(repurchase) of shares, $m
  -35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
Cash from financing (excl. dividends), $m  
  -119
  33
  34
  37
  39
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  111
  118
  124
  130
  137
  145
  152
  160
Total cash flow (excl. dividends), $m
  39
  15
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
Retained Cash Flow (-), $m
  26
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
Prev. year cash balance distribution, $m
 
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  133
  4
  4
  3
  3
  3
  3
  2
  2
  2
  1
  1
  1
  0
  0
  0
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  121
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.7
  99.6
  99.3
  99.1
  98.8
  98.5

Ashford Hospitality Prime, Inc. invests in high revenue per available room (RevPAR), luxury hotels and resorts. The Company conducts its business and owns all of its assets through its operating partnership, Ashford Hospitality Prime Limited Partnership (Ashford Prime OP). The Company operates in the direct hotel investment segment of the hotel lodging industry. As of February 24, 2017, it owned interests in 11 hotel properties in six states, the District of Columbia and St. Thomas, the United States Virgin Islands with 3,702 total rooms, or 3,467 net rooms, excluding those attributable to its joint venture partner. The hotel properties in its portfolio are mainly located in the Unites States urban markets. The Company owns nine of its hotel properties directly, and the remaining two hotel properties through an investment in a majority-owned consolidated entity. All of the hotels in the Company's portfolio are asset-managed by Ashford Hospitality Advisors LLC.

FINANCIAL RATIOS  of  Ashford Hospitality Prime (AHP)

Valuation Ratios
P/E Ratio 13.4
Price to Sales 0.6
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow 7.5
Growth Rates
Sales Growth Rate 16%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -85.9%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 204%
Total Debt to Equity 204%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.4%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin 27.1%
EBITDA Margin - 3 Yr. Avg. 25.2%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 7.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.9%
Payout Ratio 89.5%

AHP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AHP stock intrinsic value calculation we used $406 million for the last fiscal year's total revenue generated by Ashford Hospitality Prime. The default revenue input number comes from 2016 income statement of Ashford Hospitality Prime. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AHP stock valuation model: a) initial revenue growth rate of 3.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.5%, whose default value for AHP is calculated based on our internal credit rating of Ashford Hospitality Prime, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ashford Hospitality Prime.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AHP stock the variable cost ratio is equal to 86.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AHP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for Ashford Hospitality Prime.

Corporate tax rate of 27% is the nominal tax rate for Ashford Hospitality Prime. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AHP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AHP are equal to 265%.

Life of production assets of 23.4 years is the average useful life of capital assets used in Ashford Hospitality Prime operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AHP is equal to -31.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $375 million for Ashford Hospitality Prime - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 31.953 million for Ashford Hospitality Prime is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ashford Hospitality Prime at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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LHO LaSalle Hotel 28.35 5.65  str.sell
SHO Sunstone Hotel 16.65 2.76  str.sell
AHT Ashford Hospit 6.67 20.77  str.buy
SOHO Sotherly Hotel 6.84 4.87  hold
HST Host Hotels&Re 19.83 2.36  str.sell

COMPANY NEWS

▶ Ashford Hospitality sells Marriott hotel in Plano's Legacy Town Center for $104M   [Nov-07-17 03:35PM  American City Business Journals]
▶ Ashford Reports Third Quarter 2017 Results   [Nov-02-17 04:15PM  PR Newswire]
▶ Ashford Hospitality Prime reports 3Q results   [05:47AM  Associated Press]
▶ Ashford Prime Reports Third Quarter 2017 Results   [Nov-01-17 06:15PM  PR Newswire]
▶ Ashford Prime To Host Investor & Analyst Day   [Oct-02-17 08:00AM  PR Newswire]
▶ Ashford Prime Provides Update On Hurricane Irma   [Sep-13-17 09:42PM  PR Newswire]
▶ Ashford Hospitality Prime reports 2Q results   [Aug-02-17 10:54PM  Associated Press]
▶ Ashford Hospitality Primes Dividend Confidence   [Jul-26-17 12:09PM  Market Realist]
▶ Top Ranked Income Stocks to Buy for July 24th   [Jul-24-17 10:13AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 14th   [Jul-14-17 09:03AM  Zacks]
▶ Top Ranked Value Stocks to Buy for July 13th   [Jul-13-17 11:46AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 6th   [Jul-06-17 11:25AM  Zacks]
▶ 3 Small Cap REITs Poised To Profit   [Jun-26-17 07:00AM  Forbes]
▶ Ashford Prime To Present At NAREIT's REITWeek 2017   [Jun-05-17 08:00AM  PR Newswire]
▶ Ashford Trust Reports First Quarter 2017 Results   [May-04-17 04:15PM  PR Newswire]
▶ Ashford Prime Reports First Quarter 2017 Results   [May-03-17 04:15PM  PR Newswire]
▶ FelCor merging with Maryland hotel investment company in $1.18B deal   [Apr-24-17 02:40PM  American City Business Journals]
▶ FelCor tells Ashford it will consider cash sale   [Feb-27-17 06:00PM  at bizjournals.com]
Financial statements of AHP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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